RECOMMENDED FOREX BROKERS

Trading Accounts and Conditions

*Spreads are as announced on the broker’s website. However, those on demo accounts are higher.

As its name suggests, LatAm FX is a forex broker that targets investors from Latin America. It offers the trading accounts listed above and uses Trading Station platform.

Is it safe to invest with LatAm FX? Probably not. Read on to understand why.

LatAm FX Advantages

Uses FXCM’s Trading Station

One of the few things we like about this broker is the fact that it offers trading on FXCM’s in-house award-winning platform Trading Station.The platform comes equipped with a powerful charting package, including an array of custom indicators, and also offers automated strategies. Here is a snapshot:

LatAm FX’s Trading Station. Click to zoom in.

Solid leverage

Leverage is a bit controversial topic, yet many traders like using solid leverage levels. That is why we consider the fact that LatAm FX provides up to 1:200 in leverage as an advantage. Such leverage ratios are not dangerously high, but will suit almost all trading styles.

LatAm FX Disadvantages

Not regulated

According to the information on its website, LatAm FX is operated by Latam Global Markets Inc., a company registered offshore, in the Seychelles. This basically means that that the broker is not licensed, nor under the supervision of any financial authority.

Before investing with, LatAm FX or any other offshore entity, you should know that doing business with non-regulated (or offshore) companies is extremely risky. First, the forex trading itself is quite hazardous. Second, when investing with an unregulated company, traders have no assurance for the security of their funds. Third, most unregulated brokers turn out to be scams.

High spreads, limited CFD offering in demo environment

According to the information on its website, LatAm FX’s typcal spreads on Mini accounts are 2.2 – 2.4 pips on EUR/USD, which is not a competitive pricing. When we tested the broker’s Trading Station in demo mode, we found the spreads even higher, floating around 2.9 – 3.0 pips on EUR. USD.

Those of you who are familiar with the industry will know that even a spread of 2 pips is more than expected for a major pair.

Besides, although LatAm FX claims to offer wide range of trading instruments, only forex and gold were available for trade on its demo Trading Station.

MT4 not supported

Although FXCM’s platform is good enough, most traders still prefer the popular MetaQuotes software. MetaTrader 4 (MT4) has become the industry’s standard platform for a reason – it is a perfectly equipped trading terminal that provides all the necessary tools and features to analyze price dynamics of financial instruments, trade, and create and use automated trading programs (Expert Advisors).

Conclusion

LatAm FX is yet another unregulated broker on financial markets. It obviously targets Latin American traders, but its offer is not that attractive, and the broker is definitely not a reliable one.

You’d better select among brokers regulated by trustworthy authorities such as UK’s FCA, or Australia’s ASIC, where regulation and supervision is strict and your funds will be safe. In fact, many of them have Spanish versions of their websites, as well as Spanish-speaking support.

FXTM a regulated forex broker (regulated by CySEC, FCA and IFSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $5 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.
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